Court-ordered meeting forces Dangote Flour to postpone AGM

Aliko Dangote [Photo Credit: Guardian Nigeria]

The management of Dangote Flour Mills on Friday announced the postponement of the company’s Annual General Meeting (AGM) for the year ended December 2018.

The postponement, the company said, was necessitated by a court order.

Details of the new development were contained in a disclosure notice sent to the Nigerian Stock Exchange and signed by the company’s Secretary, Aisha Ladi Isa.

The company explained that the postponement has been approved by the Corporate Affairs Commission (CAC) and the company has sought and obtained CAC’s approval to hold its AGM on or before December 21.

Earlier in April, the company said, Olam International Limited offered to acquire the entire issued shares of the company which is not currently held by Olam International through its subsidiary, Crown Flour Mills Limited, by way of a scheme agreement.

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“Upon due consideration of the offer and receipt of regulatory approval in principle, the Board decided on August 5, 2019 to recommend the offer to shareholders at a court-ordered meeting (the court-ordered meeting), scheduled to hold on 14th of October 2019, for their approval,” the disclosure said Friday.

The company added that since the resolution of the meeting remains unknown, it would not go ahead with its AGM until the meeting is held. It also said that it could not propose a specific date for the proposed AGM.

“The notice of the AGM will be circulated to all shareholders as soon as a date is fixed,” the disclosure added.

Earlier in August, Olam International, a leading food and agri-business company, made a final offer of N120 billion for the company. The company had previously showed interest in the acquisition of Dangote Flour Mill (DFM).

PREMIUM TIMES understands that the transaction, if successful, would make DFM a completely owned subsidiary of Olam International.

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